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NEC Electronics and Renesas in major merger
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NEC Electronics Corporation and Renesas Technology Corp are to merge in a major move to consolidate semiconductor operations. The move would create the third largest semiconductor company in the world. Renesas was established in 2003, integrating the semiconductor units of Hitachi and Mitsubishi Electric. The merger talks now underway were said to be in response to fierce global competition and ongoing challenges of the current economic downturn. Both companies have a wide range of product overlap, focusing on MCU, SoC and discrete products. The companies said that they would also seek synergies with their analog and discrete products for MCU products.
NEC Electronics and Renesas plan to sign an agreement at the end of July, 2009 to integrate their business operations. The new entity will be given a new name.